The ST has turned to the down side, but is still vulnerable to an up trend bias due to its overbought position. Until it pushes out of the OB, we should try to minimize any position to the downside. The next step here would be to look for a lower high rally in price with indicators near at or OB range in the intra-day charts. This would indicate that a reset is taking place and that a turn down would cement the price at a lower high scenario. On an EW basis the pattern from the high seems to be only a 3 wave count. So for now it is considered corrective until we get more pattern formation.
MT: UP
ST: DOWN
PA: NA
Yesterday the PA (Price Acceleration) indicator changed. It was a clue to a possible change or pause. Today the ST changed direction, giving the PA credit for that clue.
Stockcharts is missing some data today so, if you don't see any data from yesterday, don't be alarmed.
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